FLSmidth confirmed on November 17 that its chief executive officer, Mikko Keto, will resign from his position to assume an executive role with a non-competing company.
The company said Keto will continue in his current capacity in the coming months to ensure business continuity, while the board of directors advances a structured CEO succession process.
It is expected that he will leave the company during the first half of 2026.
“The board of directors of FLSmidth has a well-prepared succession plan in place, and the search for Mikko Keto’s successor starts immediately. The board of directors will announce the appointment of a successor once the process has been concluded,” the company said.
Keto joined FLSmidth in 2021 as president for the former mining business and was appointed CEO in January 2022. During his tenure as CEO, Keto has overseen a multi-year transformation of FLSmidth that has reshaped the company’s strategic, operational and financial profile.
He was also instrumental in driving a comprehensive portfolio rationalization, consolidating the organization into a more streamlined operating model and implementing effective cost-discipline initiatives. These efforts have greatly improved FLSmidth’s commercial and financial performance, providing a resilient platform and positioning FLSmidth well for the next leg of its strategic journey.
“Mikko joined FLSmidth at a time when the company required firm direction and a willingness to take difficult but necessary decisions. His leadership has helped simplify the business, strengthen operational execution and position the company on a more resilient footing,” said FLSmidth Board of Directors Chair Mads Nipper.
“The board of directors respects his decision to pursue an opportunity outside FLSmidth’s competitive landscape and appreciates his commitment to ensuring a seamless transition. FLSmidth’s multi-year restructuring is approaching its end, and the company is now entering its next phase, which requires an accelerated focus on driving profitable growth. The mining industry is expected to soon enter its next growth cycle, and FLSmidth is positioned better than ever before to reap the benefits from this.”
As a result of the announcement, FLSmidth’s Capital Markets Days on March 11, 2026, is postponed until later in the year to ensure the involvement of the succeeding CEO. A new date will be communicated later.
Source: FLSmidth